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STIR: Dovish Moves In SNB Pricing Post-50bp Cut, Although Guidance Less Forceful

STIR

Dovish adjustments in CHF-dated OIS markets given that pricing for today’s decision was close to 50/50 split between a 25bp and 50bp cut.

  • A 25bp cut is then fully discounted come the end of the March meeting.
  • Today’s 50bp move outweighs less forceful commitment in the Bank’s guidance when it comes to the prospect of further erasing.
  • ~20bp of cumulative cuts then priced across the June and September ’25 meetings.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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